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India: Lanxess-Saudi Aramco’s 2.75-Billion deal gets regulator nod

By  |  January 4, 2016

Fair trade regulator CCI on Tuesday approved chemical company Lanxess and Saudi Aramco deal to form a joint venture for synthetic rubber valued at 2.75 billion euro.

Germany-based Lanxess and Saudi Aramco subsidiary, Aramco Overseas Company (AOC), will each hold a 50 per cent interest in the joint venture.

“CCI approves formation of a 50:50 joint venture for synthetic rubber between Lanxess and AOC,” the Competition Commission of India (CCI) today said in a tweet.

According to the deal, Saudi Aramco will have to pay about 1.2-billion euro in cash for its 50 per cent share after deducting debt and other financial liabilities. “Lanxess will contribute its synthetic rubber business to the new joint venture.

Full content: Albawaba

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